Question

how can a company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors?

Answer 1

A company’s marketing organization ensure that it is able to identify newly emerging competitors in time to plan and execute an effective marketing strategy in response to these competitors by scanning the external environment.

Company identify newly appearing competitors by marketing research, seek customer feedback and check online communities on social media or community conventions.

Emerging competitors refers to the process of collecting data, insights about competitors, customers and the market and using it to gain a competitive benefit.

Identifying your competitors strengths and weaknesses will give you a competitive benefit, knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out.

Identifying your competitors marketing strategy by attending professional conferences, analyzing industry reports, analyzing your competitor's website and SEO strategy, analyze competitor's content marketing strategy, analyze competitor's email marketing strategy.

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